Castine Launches License Management Solution

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Castine Consulting, a New-Jersey based provider of commission management, broker compensation and due diligence software solutions for global capital markets has recently announced the launch of a new add-on service, the License Manager, to the firm’s Telescope due diligence product.

Details about License Manager

Castine’s new License Manager module provides buy-side investors with complete control of their contract renewal and cancellation process associated with outside service providers/ vendors.  Castine’s solution alerts users as the cancellation window approaches to prevent accidental renewals from occurring.

License Manager allows clients to track data entitlements, payment terms, and eligibility notes for the services they use.  In addition, firms can log individual user licenses for their services, thereby enabling them to “bank” and reuse licenses of users who leave the firm.  License Manager also enables clients to generate management reports by user, team, department, provider, and renewal period.

The License Manager module can be easily added to any Telescope system and immediately adds payment, budgeting, renewal alerts, and user management for any license-based service.

About Castine

Founded originally in 1982, Castine Consulting is a financial technology firm run by serial entrepreneur Robin Rodgkins.  Prior to Castine Consulting, the firm’s principals worked for Cogent Consulting, the provider of industry leading broker vote and commission management systems.  In 2009, Cogent sold these products to BNY Convergex, which are now owned and operated by Eze Software.

Since Castine’s team completed the handoff of the products they sold to ConvergEx, Castine Consulting has been developing a number of unique web-based systems for the financial services sector, including broker compensation systems, client profitability systems, and compliance due diligence systems for the research firms, trading counterparties, IT vendors employed by buy-side firms.  Integrity Research Associates partnered with Castine Consulting to develop the Compliance Telescope due diligence platform.  Castine now owns this product outright.

Our Take

Castine’s addition of License Manager to their Telescope due diligence service helps round out their RPA Centre solution by providing “vendor management” capabilities to their software suite.  This will become increasingly important as European buy-side firms are likely to need to implement contracts for all their research providers in a post MiFID II world – including for sell-side banks.  In addition, this module will provide buy-side firms with valuable information for constructing research budgets as required by MiFID II.

However, it is important to note that Castine IS NOT trying to position License Manager as a full-fledged vendor management solution.  License Manager is meant to provide all of the most important information that the commission management team at a buy-side client might need to access in one portal.  Larger firms that already use an enterprise wide vendor management service can synchronize data between their existing platform and License Manager to limit data duplication.

 

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About Author

Mike Mayhew is one of the leading experts on the investment research industry. In addition to founding Integrity Research, Mike is on the board of directors of Investorside Research Association, the non-profit trade association for the independent research industry, and a frequent speaker on research industry trends and developments. Mike has over thirty years of research industry experience. Email: Michael.Mayhew@integrity-research.com

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